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MOODY'S ASIGNA CALIFICACION AL EMISOR A2.mx AL SISTEMA INTERMUNICIPAL PARA LOS SERVICIOS DE AGUA POTABLE Y ALCANTARILLADO (SIAPA)

01 Jul 2003
MOODY'S ASIGNA CALIFICACION AL EMISOR A2.mx AL SISTEMA INTERMUNICIPAL PARA LOS SERVICIOS DE AGUA POTABLE Y ALCANTARILLADO (SIAPA) Moody’s dio a conocer la asignación de las calificaciones al emisor A2.mx (Escala nacional de México) y Ba2 (Escala global, moneda local) al Sistema Intermunicipal para los Servicios de Agua Potable y Alcantarillado (SIAPA). Las calificaciones reflejan la solidez económica y el crecimiento del área a la que atiende el sistema, que está conformada por las cuatro ciudades que integran la zona metropolitana de Guadalajara; asimismo, consideran la notable mejoría de la situación financiera de SIAPA a lo largo de los últimos cinco años y la expectativa de que se mantenga el adecuado manejo en las operaciones financieras; por último, las calificaciones toman en cuenta la tendencia favorable que ha adoptado el perfil de deuda del organismo, incluyendo una reducción en las razones de endeudamiento y un aumento importante en la cobertura del servicio de la deuda por medio de ingresos netos del sistema.


Se planea pagar los costos del programa de capital en curso del SIAPA con los recursos propios y no con financiamientos. El SIAPA sí podría incurrir en deuda adicional para llevar a cabo algunos proyectos de capital de un tamaño importante, y los cambios positivos observados durante los últimos años deberían permitirle cubrir los costos asociados sin que represente una carga significativa sobre sus operaciones. Los cambios recientes en el marco legal del SIAPA, que contemplan su transformación de un sistema estatal a uno intermunicipal, podrían contribuir al aumento de su autonomía en el rubro de establecimiento de tarifas en el futuro, aunque esta posibilidad continúa siendo incierta.


El SIAPA, que es el segundo sistema municipal de aguas en México, proporciona servicios de agua y alcantarillado a los habitantes de la zona metropolitana de Guadalajara. Su fortaleza como proveedor de servicios se deriva en parte de la creciente y diversificada base económica de la región que atiende, que incluye a los municipios de Guadalajara, Zapopan, Tlaquepaque y Tonalá. La ciudad de Guadalajara cuenta con una importante base industrial y la zona circundante continúa creciendo a un ritmo acelerado, destacando los municipios de Zapopan (calificado por Moody’s con Aa3.mx) y Tonalá (calificado por Moody’s con A3.mx).


El SIAPA proporciona agua potable y servicios de alcantarillado, respectivamente, al 93% y 89% de la población que reside en la zona metropolitana de Guadalajara. Como reflejo de las tendencias actuales, para el mediano plazo, la base de clientes residenciales y comerciales del SIAPA debería crecer a un ritmo estable. El suministro de agua que realiza el sistema en la actualidad es suficiente para satisfacer la demanda en el mediano plazo y se están elaborando planes para construir una nueva presa que garantice la cobertura de las necesidades de agua del SIAPA en el largo plazo.


En mayo de 2002 el Congreso estatal de Jalisco aprobó la disolución del SIAPA de la Zona Metropolitana como organismo del estado y la creación del nuevo SIAPA, un organismo público descentralizado intermunicipal, conforme a un acuerdo entre los municipios de la zona metropolitana de Guadalajara. El Consejo de Administración del nuevo SIAPA se compone de dos representantes de cada una de las cuatro ciudades que lo integran y de tres delegados del gobierno del estado de Jalisco. El nuevo SIAPA logró obtener la autoridad necesaria para aprobar su propio presupuesto de gasto y plan de inversión en capital, pero no en cuanto al establecimiento de cuotas. Aunque el SIAPA cobra directamente las cuotas a los usarios, el nivel de las cuotas por uso de agua está incorporado en la ley de ingresos de cada municipio, la cual requiere la aprobación del Congreso del estado. Estos cambios en la estructura legal, aunque positivos, aún limitan el alcance del poder de toma de decisiones del organismo.


En años anteriores, la capacidad del SIAPA para alcanzar una posición financiera sana se vio amenazada por la falta de adecuación en los incrementos de las cuotas cobradas por el suministro de los servicios y las relativamente bajas tasas de recaudación logradas, en parte debido a su incapacidad para imponer sanciones a los usuarios que no cumplían con el pago de las cuotas. Sin embargo, durante los últimos cinco años SIAPA ha registrado una mejoría en sus tendencias financieras que se espera continúe.


El panorama de ingresos del sistema ha mejorado de manera sostenida y sus ingresos totales casi se duplicaron, al pasar de $760 millones de pesos en 1998 a $1.5 miles de millones de pesos en 2002. Este incremento ha sido impulsado por el cambio de la modalidad de cobro de cuotas fijas hacia el cobro de servicio medido (de 74% de usuarios con servicio medido en 1998 a 88% en 2003), un aumento en la recaudación de cuotas por alcantarillado y, más recientemente, por la introducción de nuevas cuotas por mantenimiento de infraestructura y tratamiento de aguas residuales. Los resultados financieros han pasado de mostrar un déficit de cerca del 30% del ingreso en 1998 a un superávit de 10% en 2002. Las estimaciones conservadoras indican que el SIAPA debería ser capaz de mantener unas finanzas sanas con incrementos razonables en las cuotas pagadas por los usuarios. El SIAPA mantiene un alto nivel de flexibilidad por medio de su planeación de gasto en capital para el ejercicio, el cual puede ser reducido en caso de un faltante de ingresos.


El perfil de deuda del SIAPA ha mejorado notablemente durante los últimos seis años con los incrementos en ingresos, el refinanciamiento de su deuda hacia UDIs, más recientemente, gracias al éxito de sus esfuerzos por reducir las tasas de interés de algunos créditos vigentes. La proporción del servicio de la deuda en el gasto ha mejorado de manera importante, al caer de 40% en 1998 a 17% el año pasado. La cobertura del servicio de la deuda con ingresos netos antes de depreciación alcanzó un sólido nivel de 3.5 veces en 2002.


Si el SIAPA participa con el gobierno del estado en la construcción planeada de seis plantas de tratamiento de aguas residuales, su carga deudora se incrementaría. Dada su capacidad actual para generar ingresos netos que cubran el servicio de la deuda, la probabilidad de crecimiento de los ingresos futuros y el nuevo nivel de endeudamiento que está en discusión, dicho endeudamiento podría resultar manejable.


Las calificaciones de Escala Nacional de México de Moody’s son opiniones acerca de la capacidad crediticia relativa de los emisores y emisiones dentro de México. Las calificaciones de Escala Global de Moody’s en moneda nacional permite a los inversionistas comparar la capacidad crediticia de un emisor con todos los emisores del mundo y no sólo en México. Incorporan todos los riesgos relacionados con México, incluyendo la volatilidad potencial de la economía mexicana. Para efectos de comparación, la calificación de Escala Global, Moneda Nacional de Moody’s para la deuda nacional emitida por el gobierno de México es Baa1.
No Related Data.
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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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